Scheme of Arrangement

Tullow Oil PLC
18 December 2000


Tullow Oil plc ('Tullow' or 'the Company')

The Board of Tullow is pleased to announce that it has been able to implement
the scheme of arrangement as outlined in the circular to shareholders dated 31
October 2000. The scheme became effective on Friday 15th December 2000.

Trading in the Company's shares was suspended on 15th December 2000 to allow the
implementation of the scheme of arrangement under Section 201 of the Companies
Act, 1963 of Ireland, whereby a new UK incorporated company ('NewCo'), also
called Tullow Oil plc, will become the new holding company for Tullow and its
subsidiaries.

Admission of the shares of NewCo to the Official List of the UK Listing
Authority will commence today at 08:00am.

Enquiries:

Tom Hickey
Finance Director, Tullow Oil plc
020 7976 2600

Michael Ansell
Investec Henderson Crosthwaite
020 7597 5970